Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,647/mo
Lowest payment- Down payment
- $0
- Funds due
- $9,491
- Interest + MI left
- $74,884
- First ends
- Feb 2051
New loan
New conventional
$1,719/mo
+$72/mo- Down payment
- $16,300
- Funds due
- $23,822
- Interest + MI left
- $222,480
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $208,298 | $146,700 |
| Second mortgage | — | — |
| First P&I | $973.13 | $1,015.72 |
| Second P&I | — | — |
| Mortgage insurance | — | $29.34 |
| Taxes, insurance & HOA | $673.58 | $673.58 |
| Total housing payment | $1,646.72 | $1,718.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,491
Usable credit−$0
Total buyer cash needed$9,491
Earnest money paid−$0
Remaining funds due$9,491
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,630.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,041.49
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$520.75
Initial HOA (3 months)$1,050.00
Prepaid interest, first (2 days)$30.47
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing24 yr 3 moOf the original 30-year loan at 2.670%
Interest already paid$34,579Through Nov 2026
Assumption only · ends Feb 2051$74,884
New conventional · ends Dec 2056$222,480